OK, a few pointers
get a team together
define your interfaces, GUI's, script engines
learn about file formats, and there's quite a few and some are propietary, so there could be patent infringement issues
design your GUI, with your end users in mind, not what the developer thinks is cool
implement as many image manipulation algorithms as you can get your hands on, and a few you come up with yourself
get a good book on HCI (Human Computer interaction), learn about tranformations, clipping, etc etc
decide on how you're going to handle your colour palette (or how many different ways you're going to handle it)
How many tools (brushes, erasers, smudgers, airbrushes) are you going to have, and what sort of control will the user have over them?
Are you going to handle vectors, or just rasters?
Layers?
Colour adjustments
Brightness
Contrast
Animation? again vector or raster
That should be enough to keep you going till say 5:30 ;-)
--Paul